CHALLENGER LIMITED — Director's Dealing 2021

Sep 5, 2021

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Challenger Limited
ABN	85 106 842 371

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Richard Howes
Date of last notice	11 November 2020

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	• 445,648 ordinary shares held via Howes Custodial Pty Ltd as trustee for Howes Super Fund. • Investments in financial products issued by related bodies corporate of Challenger Limited being $2,500,000 of Guaranteed Annuities issued by Challenger Life Company Limited (including an annuity for his spouse).
Date of change	1 September 2021
No. of securities held prior to change	• 461,478 ordinary shares • 445,648 ordinary shares held via Howes Custodial Pty Ltd as trustee for Howes Super Fund. • Investments in financial products issued by related bodies corporate of Challenger Limited being $2,500,000 of Guaranteed Annuities issued by Challenger Life Company Limited (including an annuity for his spouse).
Class	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 1

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

Number acquired	99,628 ordinary shares resulting from the vesting of Deferred Performance Share Rights
Number disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$6.485 per ordinary share (value on vesting)
No. of securities held after change	• 561,106 ordinary shares • 445,648 ordinary shares held via Howes Custodial Pty Ltd as trustee for Howes Super Fund. • Investments in financial products issued by related bodies corporate of Challenger Limited namely $2,500,000 of Guaranteed Annuities issued by Challenger Life Company Limited (including an annuity for his spouse).
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Vesting of a portion of each of the 2018, 2019 and 2020 Deferred Performance Share Rights pursuant to the Challenger Performance Plan Trust rules

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

sclosed in this part.
Detail of contract	As previously disclosed, Mr Howes holds 1,949,196 Performance Rights comprising: • 224,497 Deferred Performance Share Rights; and • 1,724,699 Hurdled Performance Share Rights.
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	1 September 2021
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	• 99,628 Deferred Performance Share Rights resulting from the vesting of a portion of each of the 2018, 2019 and 2020 Deferred Performance Share Rights • 226,577 Hurdled Performance Share Rights lapsed as performance hurdles were not met

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	$6.485 per ordinary share (value on vesting)
Interest after change	1,622,991 Performance Rights comprising: • 124,869 Deferred Performance Share Rights; and • 1,498,122 Hurdled Performance Share Rights.

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 3

01/01/2011